diff --git a/src/js_parser/parse/parse_entry.rs b/src/js_parser/parse/parse_entry.rs
index 713900cde056..7abae74a443d 100644
--- a/src/js_parser/parse/parse_entry.rs
+++ b/src/js_parser/parse/parse_entry.rs
@@ -1052,10 +1052,19 @@ impl<'a> Parser<'a> {
                     }
 
                     js_ast::StmtData::SClass(class) => {
-                        // Move class export statements to the top of the file if we can
-                        // This automatically resolves some cyclical import issues
-                        // https://github.com/kysely-org/kysely/issues/412
-                        let should_move = !p.options.bundle && class.class.can_be_moved();
+                        // Move class statements ahead of other code to help cyclical imports
+                        // (https://github.com/kysely-org/kysely/issues/412). Skip when any
+                        // already-visited statement mentions the name so its TDZ is kept.
+                        let used_before_decl = match class.class.class_name {
+                            Some(name) => {
+                                p.symbols.as_slice()[name.ref_.inner_index() as usize]
+                                    .use_count_estimate
+                                    > 0
+                            }
+                            None => false,
+                        };
+                        let should_move =
+                            !p.options.bundle && !used_before_decl && class.class.can_be_moved();
 
                         let sliced = arena.alloc_slice_copy(&[*stmt]);
                         p.append_part(&mut parts, sliced)?;
@@ -1066,10 +1075,28 @@ impl<'a> Parser<'a> {
                         }
                     }
                     js_ast::StmtData::SExportDefault(value) => {
-                        // We move export default statements when we can
-                        // This automatically resolves some cyclical import issues in packages like luxon
-                        // https://github.com/oven-sh/bun/issues/1961
-                        let should_move = !p.options.bundle && value.can_be_moved();
+                        // Move export default ahead of other code to help cyclical imports
+                        // (e.g. luxon, #1961). Like `SClass` above, keep a named default
+                        // class in place if an earlier statement already references it.
+                        let class_name_ref = match &value.value {
+                            js_ast::StmtOrExpr::Stmt(s) => match &s.data {
+                                js_ast::StmtData::SClass(c) => {
+                                    c.class.class_name.map(|name| name.ref_)
+                                }
+                                _ => None,
+                            },
+                            // Class-expression names are not visible at module scope.
+                            js_ast::StmtOrExpr::Expr(_) => None,
+                        };
+                        let used_before_decl = match class_name_ref {
+                            Some(ref_) => {
+                                p.symbols.as_slice()[ref_.inner_index() as usize].use_count_estimate
+                                    > 0
+                            }
+                            None => false,
+                        };
+                        let should_move =
+                            !p.options.bundle && !used_before_decl && value.can_be_moved();
                         let sliced = arena.alloc_slice_copy(&[*stmt]);
                         p.append_part(&mut parts, sliced)?;
 
diff --git a/test/bundler/transpiler/runtime-transpiler-class-hoist.test.ts b/test/bundler/transpiler/runtime-transpiler-class-hoist.test.ts
new file mode 100644
index 000000000000..309314bba5c9
--- /dev/null
+++ b/test/bundler/transpiler/runtime-transpiler-class-hoist.test.ts
@@ -0,0 +1,74 @@
+import { describe, expect, test } from "bun:test";
+import { bunEnv, bunExe, tempDir } from "harness";
+
+// The runtime transpiler hoists top-level class declarations to help cyclic
+// imports. That hoist must not jump over an earlier reference to the class
+// binding, or the temporal dead zone disappears.
+describe.concurrent("top-level class declaration TDZ", () => {
+  const tdzFixture = (decl: string) => /* js */ `
+    const out = [];
+    try {
+      out.push("typeof=" + typeof K);
+      out.push("constructed=" + new K().constructor.name);
+    } catch (e) {
+      out.push("ERR=" + String(e));
+    }
+    ${decl}
+    out.push("after=" + typeof K);
+    console.log(out.join(" | "));
+  `;
+  const expected = "ERR=ReferenceError: Cannot access 'K' before initialization. | after=function";
+
+  async function run(cmd: string[], files: Record<string, string>) {
+    using dir = tempDir("runtime-transpiler-class-tdz", files);
+    await using proc = Bun.spawn({
+      cmd: [bunExe(), ...cmd],
+      env: bunEnv,
+      cwd: String(dir),
+      stdout: "pipe",
+      stderr: "pipe",
+    });
+    const [stdout, stderr, exitCode] = await Promise.all([proc.stdout.text(), proc.stderr.text(), proc.exited]);
+    return { stdout: stdout.trim(), stderr, exitCode };
+  }
+
+  test.each([
+    ["class K { m() {} }", "class declaration"],
+    ["export class K { m() {} }", "exported class declaration"],
+    ["export default class K { m() {} }", "export default named class"],
+  ])("preserved for a %s referenced before its declaration (%s)", async decl => {
+    expect(await run(["index.mjs"], { "index.mjs": tdzFixture(decl) })).toMatchObject({
+      stdout: expected,
+      exitCode: 0,
+    });
+  });
+
+  test("preserved for a CommonJS top-level class declaration", async () => {
+    expect(await run(["index.cjs"], { "index.cjs": tdzFixture("class K { m() {} }") })).toMatchObject({
+      stdout: expected,
+      exitCode: 0,
+    });
+  });
+
+  // Classes with no prior mention of their name are still hoisted. References
+  // inside a preceding function body count as a mention, so those stay put.
+  test("still hoisted when no already-visited statement mentions the name", async () => {
+    const { stdout, exitCode } = await run(["build", "--no-bundle", "--target=bun", "index.mjs"], {
+      "index.mjs": /* js */ `
+        const unrelated = 1;
+        export class A { m() { return "A"; } }
+        function make() { return new B(); }
+        export class B {}
+        console.log(new A().m(), unrelated, make());
+      `,
+    });
+    const tokens = ["class A", "unrelated = 1", "function make", "class B"];
+    const indexed = tokens.map(s => [s, stdout.indexOf(s)] as const);
+    const order = [...indexed].sort((a, b) => a[1] - b[1]).map(([s]) => s);
+    expect({ missing: indexed.filter(([, i]) => i < 0).map(([s]) => s), order, exitCode }).toEqual({
+      missing: [],
+      order: tokens,
+      exitCode: 0,
+    });
+  });
+});